LUKOIL to discuss early oil production start at Block 10 with Iraq

November 12/ 15:45

Abu Dhabi. LUKOIL plans to discuss with the government of Iraq the start of early oil production at Block 10, where the next exploration well will be drilled. This was announced on Monday by the General Director of the Russian oil company Vagit Alekperov.

"I hope to meet the newly elected Prime Minister in November. Following completion of drilling this well, we expect to raise an issue of starting early oil production, to put the Block 10 into service. Up to 50 thousand barrels [per day] provisionally," Alekperov said. No endorsement has been available from the Iraqi side so far and negotiations have not yet started, he said. If the government of Iraq agrees upon early oil production in the project, then the company will need 2-3 years to start production," he added.

Protests in Iraq have not affected operations of the company in the country, Alekperov said. "We continue the investment cycle. We are to reach the production level of 480 thousand barrels per day by 2020 and 800 [thousand] by 2024. We have no doubts we will reach this level," the top manager said.